An actuarial valuation of the Fund is carried out every three years and recommends the level of contributions for the following three years. The actuarial valuation determines the size the Fund's expected pension liabilities and to what extent they are covered by its anticipated asset base. The actuary uses this information to recommend the contribution levels applicable for the next three year period:
- A guide to pension liabilities pension strain costs an other costs
- A Brief Guide to Actuarial Valuations
- Actuarial Valuation Report 2019
- Actuarial Valuation Report 2016
Lancashire County Pension Fund Governance
Lancashire County Pension Fund is a local authority pension scheme. Contributions to the Fund come in via deduction from members' salaries and directly from employers. The payment of benefits paid from the Fund is managed by the Lancashire Pensions Service with benefits payable based on members' pay and the number of years of membership of the Fund
The Fund's accumulated contributions are invested and used to pay the benefits. These investments are managed the Pension Fund Committee. Pension Funds are the subject of strict reporting and governance rules. The annual report and the governance statements required by law are described briefly on this page with links through to the latest published documents.
The Fund's Annual report gives you the latest published audited accounts and investment performance of the Fund. The Administration report can also be found below.
PLEASE NOTE that the audit opinion within the document above is DRAFT. Due to capacity issues within the Fund's external auditor, Grant Thornton, the audit of the administering authority, Lancashire County Council, is not complete and for this reason the final audit opinion cannot be issued. The Fund expects to receive an unqualified audit report on the accounts of the Fund and a consistent opinion for the annual report. The annual report of the Fund will be republished when the opinion is available.
- View the full Pension Fund Annual Report 2019
- View the full Pension Fund Annual Report 2018
- View the full Pension Fund Annual Report 2017
- View the full Pension Fund Annual Report 2016
- View the full Pension Fund Annual Report 2015
- View the full Pension Fund Annual Report 2014
- View the full Pension Fund Annual Report 2013
Governance Policy Statement
The Fund's Governance Policy Statement sets out the remit and constitution of the Pension Fund Committee, the Investment Panel and the Administration and Appointments sub-committees:
The Fund is administered by Lancashire County Council, which has a duty to ensure that business is conducted in accordance with the law and proper standards, and that public money is safeguarded and properly accounted for, and used economically, efficiently and effectively. These duties apply equally to its administration of the Fund, so Lancashire County Pension Fund Governance Policy Statement is available below:
Funding Strategy Statement
The Fund's Funding Strategy Statement is a statement explaining how the Pension Committee intends to meet the Fund's pension liabilities in the longer term. It provides details of how liabilities are calculated and the Fund's investment and contributions strategies for meeting those liabilities:
Investment Strategy Statement
Responsible Investment Policy
The Fund has a communication policy which sets out the ways that it will communicate with its members and their representatives, prospective members and employers:
Annual Members Meeting 2018
Pension Administration Strategy Statement
UK Stewardship Code compliance
The Fund is fully committed to responsible investment. We believe there is a considerable body of evidence that well governed companies produce better and more sustainable returns than poorly governed companies. This document summarises our compliance with the UK Stewardship code.
Reform of the Local Government Pension Scheme
The Government has been consulting on reform of the Local Government Pension Scheme, in particular the Investment Regulations and seeking proposals from funds to pool their investment assets. The responses made by the Lancashire County Pension Fund on these issues are available to download below: